The ground-floor commercial condo at the Gridiron Condos in Pioneer Square has sold for $5 million in a deal brokered by Kidder Mathews. Located at 590 First Avenue South, it was sold last week as an opportunity zone property to PNW QOZB 1 LLC, which is associated with 22NW LP, a local hedge fund. Kidder Mathews Vice President Jason Miller and Senior Vice President Scott Blankenship represented the seller, Daniels Real Estate.
The 11-story building is located at the apex of Seattle’s new Waterfront Park, vibrant stadium district, and Pioneer Square in a unique triangle-shaped structure that touches all three districts. See aerial video here (produced by Altoura).
Gridiron’s retail space comprises approximately 8,423 deeded square feet on the ground floor (9,605 total square feet, including additional storage space). Daniels Real Estate redeveloped the property in 2017 on top of the century-old brick foundation of the Seattle Plumbing Building. Gridiron has 107 condos above the commercial space. Since it was developed, the ground-floor commercial condo has been vacant, with various brokerage firms trying unsuccessfully to sell it.
“Our Kidder Mathews team took on the listing in 2020 at the beginning of the COVID-19 pandemic, just as Seattle went into lockdown,” said Miller. “Despite the negative impact the virus had on the downtown market, we were able to successfully leverage the fact that the property was located in a qualified opportunity zone and sold it at our client’s target price of nearly $600 per square foot to an opportunity zone investment fund.”
22NW LP plans to move its private office into a small portion the building and develop the remaining retail space into a full-service restaurant and bar with potential for 200+ outdoor seats, offering coveted open-air dining for the stadium district’s hundreds of annual events.
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $8 billion in transactions, manages 64 million square feet of space, and conducts over 1,800 appraisals annually. For more information, visit kidder.com.